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Can you summarize 205 ILCS 305?
FINANCIAL REGULATION > Illinois Credit Union Act.
Short Summary
The Illinois Credit Union Act sets the framework for the establishment and operation of credit unions in Illinois. It applies to credit unions, their members, officials, and employees. The Act defines various terms used in the Act, establishes membership requirements, and outlines the organization procedure for credit unions. It also governs the amendment of articles of incorporation and bylaws, the change of a credit union’s principal place of business, and the fiscal year of credit unions. The Act addresses the reciprocity and regulation of out-of-state credit unions conducting business in Illinois and outlines the powers and duties of the Secretary in relation to credit unions. It also governs reporting and examination requirements, the disclosure of reports of examinations and confidential supervisory information, the establishment and maintenance of credit union records and member financial records, and the retention of records. The Act establishes a board of credit union advisors, regulatory fees, and the general powers of credit unions. It defines membership requirements and rights, the admission of societies and associations, and the service provided by credit unions to the economically disadvantaged. The Act addresses the membership of individuals who leave the credit union’s field, the liability of members, and the calling of special meetings. It outlines the compensation of officials, conflicts of interest, indemnification, and the appointment and duties of executive officers. The Act governs the authority and supervision of loans, loan applications, loan limits, and reductions in shares. It also addresses share accounts, dividends, shares to minors, joint accounts, shares in trust, marketing of services, savings promotion raffles, liens on shares, child support enforcement, garnishment of share accounts, and loan applications. The Act does not mention any specific exemptions or penalties.
Whom does it apply to?
Credit unions, their members, officials, and employees.
What does it govern?
The Illinois Credit Union Act governs the establishment and operation of credit unions in Illinois.
What are exemptions?
No specific exemptions are mentioned in the Act.
What are the Penalties?
No penalties are mentioned in the Act.
Jurisdiction
Illinois